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market review 26 May 21

26 May 21

Dollar Edges Lower; Fed Officials Maintain Dovish Tilt

The dollar edged lower in early European trade Wednesday, trading near its lowest levels since early January as Treasury yields weakened with Federal Reserve officials continuing to present a dovish view.
At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was down less than 0.1% at 89.602, after falling as low as 89.533 on Tuesday, its lowest level since Jan. 7.
EUR/USD traded 0.1% higher at 1.2260, after climbing Tuesday as high as 1.2266 for the first time since Jan. 8, as Europe’s pandemic recovery picks up pace. USD/JPY was up 0.1% at 108.81, GBP/USD rose 0.1% to 1.4169, while the risk-sensitive AUD/USD was up 0.6% at 0.7792.
Federal Reserve officials have been keen this week to get the message across that they see any elevated inflation pressures as temporary and thus the central bank will keep its current dovish monetary policy unchanged for now.

Gold Up, Breaks Past $1,900-Mark as Inflation Concerns Linger

Gold was up on Wednesday morning in Asia, erasing its 2021 losses as signs of inflationary pressures stoked investor concerns and the U.S. Federal Reserve assured investors on the outlook for monetary policy.
Gold futures were up 0.48% to $1,907.10 by 1:09 AM ET (5:09 AM GMT), soaring past the $1,900-mark and gaining in eight of the past nine sessions.
The dollar, which usually moves inversely to gold, inched down towards a four-and-a-half month low. Benchmark U.S. Treasury yields fell to a two-week low of 1.56% during the previous session.
Fed Vice Chairman Richard Clarida on Tuesday said the central bank could be ready to discuss the slowdown of asset purchases, in an echo of the recent minutes from the Fed’s latest meeting.

Oil slips on fears of supply glut from possible return of Iranian supply

Oil inched lower on Wednesday as worries that a possible return of Iranian supply would cause a glut outweighed expectations of improving U.S. fuel demand that were reinforced by a drop in weekly inventory estimates.
Brent crude oil futures for July fell 6 cents, or 0.1%, to $68.59 a barrel by 0434 GMT, while U.S. West Texas Intermediate (WTI) crude for July was at $65.92 a barrel, down 15 cents, or 0.2%.
Both benchmarks edged higher on Tuesday, ending at their highest levels in a week, amid hopes for higher demand fed by the approach of the northern hemisphere’s summer driving season and a lifting of coronavirus curbs.
U.S. crude oil and fuel inventories fell last week, said two market sources, citing Tuesday’s American Petroleum Institute figures.
Crude stocks fell by 439,000 barrels in the week ended May 21. Gasoline inventories fell by 2 million barrels and distillate stocks fell by 5.1 million barrels, the data showed, according to the sources.

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